Brazil One Step Away From Allowing Bitcoin for Payments and Investing – Bitcoin (BTC/USD) – Benzinga

Brazilian lawmakers have approved the full regulatory framework for trading and using cryptocurrencies as a means of payment.

What happened: The new law, passed Tuesday night in Brasilia, the country’s capital, recognizes Bitcoin BTC/USD as a digital representation of value that can be used for payments and investments.

The legislation covers a wide range of “virtual assets” and requires only the President’s signature to become law. However, it does not make Bitcoin or other cryptocurrencies legal tender in the country.

See More: Best Crypto Apps

Why It Matters: According to Bitcoin Magazine, the bill will task Brazil’s central bank with overseeing the bitcoin market when it’s used as a means of payment, while the country’s Securities and Exchange Commission will oversee it when it’s used as an investment. In addition to BCB and CVM, the Federal Finance Administration also supported the legislature with the reform law.

El Salvador was the first country to recognize BTC as legal tender, and the Central African Republic is reportedly set to follow suit a little later.

Price Action: At the time of writing, BTC is trading at $16,956 according to Benzinga Pro, up 4.15% over the past 24 hours.

Continue reading: Dogecoin outperforms Bitcoin, Ethereum gains: Analyst sees Apex Crypto at $18,000 if it hits that level

Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
https://nov.link/cryptoanswers